Technology and Economics — Unit test Answers

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.It exists because resources are scarce.It influences consumers.It influences producers.It assists in anticipating profits.It encourages people to spread their resources around.

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What are some ways to address unemployment in a market economy? Select three answers.creating new projectsincreasing regulationlowering restrictionsraising more taxespromoting hiring

Opportunity cost means that something needs to be

This graph shows the US unemployment rate from August 2010 to November 2011. This graph could help the US government

Which of the following would be considered a nonrenewable resource?

What are the cons of a mixed market economy for most citizens? Select four answers.There may be a sizable gap between rich and poor people.It can be very difficult for citizens to start private businesses.Citizens must pay for most basic necessities by themselves.There is no guarantee of steady employment for many citizens.Citizens may pay higher taxes than in other economic systems.Citizens often purchase their own health care and higher education.

John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?

In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of

In a republic, elected officials create laws to regulate the economy.

How do economists use data? Choose two answers.to follow and predict unemployment ratesto communicate with customers instantlyto ship goods to countries all over the worldto explain trends in production and shippingto apply automation to reduce production costs

What role do government agencies play in a mixed market economy?

In the free-enterprise system of the United States, the government

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A pure market economy is sometimes called pure